‘Very For Sale’ In Tampa Bay Area
A reader found this St. Petersburg Times article on flippers. “As the real estate market blasted into high orbit last year, Jeff Lilly sank some of his savings into four investment homes in MiraBay. But Lilly is feeling less like a real estate genius this month. About a fifth of the neighborhood is for sale, many of them homes that have never been lived in, snagged by fellow investors last year.”
“‘You trying to ruin my day?’ Lilly joked when reminded about the thicket of ‘For Sale’ signs in his neighborhood. ‘If I was smart I wouldn’t have bought with so much competition.’”
“Figures gleaned from area Realtors associations show listings have jumped 250 percent, from 10,414 homes in February 2005 to 24,253 homes in February 2006. Tampa Bay area home sales were off an estimated 29 percent in February versus a year earlier. But that dip can’t entirely explain skyrocketing inventories.”
“The explanation is investors. Investors gobbled up the record-setting new home construction in 2004 and 2005. Now, hoping to turn a buck before interest rate hikes sour the market, many are dumping their vacant homes at the same time. As Kevin Robles, an executive with McCar Homes put it: ‘The real estate investor sees the flattening of the market. Now it’s time to unload.’ Boomeranging back on the market, those properties are causing localized gluts.”
“Robles suspects builders are victims of their own success. By selling so many homes last year, builders cannibalized sales for this year. ‘Some of the buyers in the marketplace last year were overly stimulated with the frenzy of it all,’ Robles said. ‘We vacuumed those folks into home ownership, so where’s the steady stream of buyers behind them?’”
“Speculators scooped up so many properties, some streets look half abandoned. Surrey Oak Drive, a short stretch of attached villas in Covington Park, has 16 of its 39 homes for sale. Katus Watson bought a Surrey Oak villa as an investor, but is reluctant to sell with so much competition on the block. Instead, he’s renting it out for less than it’s worth, hoping happier days return. ‘I’m not worried yet,’ Watson said. ‘My wife is, though.’”
“If I was smart….”
Famous last words.
“‘We vacuumed those folks into home ownership, so where’s the steady stream of buyers behind them?’”
Sounds like some people should’ve been reading Ben’s blog a year ago.
When that topic was repeatedly brought up, I meant to add.
Sounds like “those folks” got sucked in…
“Katus Watson bought a Surrey Oak villa as an investor, but is reluctant to sell with so much competition on the block. Instead, he’s renting it out for less than it’s worth, hoping happier days return. ‘I’m not worried yet,’ Watson said. ‘My wife is, though.’”
But I thought it was the RENTERS that were throwing money away each month! It’s elementary, my dear Watson. Elementary.
Yes, and a predominance of renters in a neighborhood traditionally enhances the liveability and value of neighboring properities…NOT!
(Disclaimer: I am, for the time being, a biding-my-time-till-the-bubble-bursts renter.)
“”God’s not making any more waterfront. I feel we can wait it out,” he said. “No fire sale here.” said Lilly
Damn, if I lived in that neighborhood I’d have a big sign somewhere advertising days left before hurricane season begins…updated daily….and of all places I don’t think I’d be looking for waterfront property…
And the next guy sez: “God’s making more BUYERS WAITING ON THE SIDELINES… feeling like they can wait it out. No fire drill to buy, here.”
Who is going to want to buy into these ghost town neighborhoods now?
If I was in the market for a house, buying a place in a neighborhood full of empty houses would have no appeal to me whatsoever. The first time I bought, it was in a new development and one thing I learned that new developments are often target for crime because of all the empty places. It’s not uncommon for new places to get stripped of appliances because nobody is around and a moving truck parked in a driveway isn’t going to look out of place. A couple of houses on the street I used to live in were cleaned out when the development was being finished.
Also, I’m sure that a neighborhood full of empty houses would also cause a number of buyers, especially those who have no idea what really is going on, to wonder what’s wrong since so many places are empty.
Maybe they can pay unemployed realtors and bankrupt flippers to squat in the houses and give them a lived-in look.
The exact same thing described in the article is happening in my town of Huntington Beach.
There’s an entire cookeycutter subdivision behind the Hyatt called ‘The Waterfront’ (with not even one single GLANCE at the water) that is completed, and sitting empty.
Every Sunday, open house signs compete for space on the corner.
Mania to buy, mania to sell.
Can we have a mania to see who wins ‘biggest bankruptcy’?
I’d love to study THAT mania.
Of course, when people are down on their luck, they just stop talking about it.
By next year, no one will want to talk about real estate anymore.
Not even all the people who went to that silly ‘Poor Dad, Soon To Be Poorer Dad’ seminar.
An entire subdivision…empty.
Some ‘Waterfront’.
I sure hope someone has had the good sense to pick up a video camera and document this stupidity.
Or…Insanity.
National Insanity.
Speaking of bankruptcy, this was posted at lemetropolecafe.com today:
“Another spin as things are crashing down-Benchmark Builders Omaha’s largest residential home builder-BANKRUPT 3 weeks ago-over a thousand homes setting and the poor sub-contractors are left holding the bag-I know firsthand. All’s well as FORD cant sell any cars either.”
Some of the buyers in the marketplace last year were overly stimulated
Yep. That’s the problem. An overly stimulated herd of buyers.
Sure am glad that we’ve hit the nail on the head with that one.
I wouldn’t want to be a buyer in one of those neighborhoods as the majority of homes will be turned into rental units and within three years will have cars parked on the lawns, lawns not mowed, lawns full of weeds, bikes, trikes, basketball hoops, windows with tattered curtains, screens hanging off the windows, graffiti on the fences, foreclosed houses waiting to be put back on the market, and 90% will be section 8.
What is wrong with these people! The party is over, take what ever you can get and run!!! These “investors” sitting on their straw houses talking about not budging, better be careful, sit too long and the straw house might just be a casualty of a local brush fire…
I love the look of foreclosed neighborhoods in the morning
I’m going to play devil’s advocate here for a moment. I see your point, Salinasron, but it may not be a good idea to bad-mouth “renters” as a whole. After all, MANY of us here are renters, including myself (although I am an out-of-state property owner, too), who may not be like the people you describe. Just asking you to think about what you just said…all renters are not bad, irresponsible, unkempt people.
Sorry….couldn’t let that one go by.
BayQT~
As a renter, I have no trouble with badmouthing renter. It’s hard to find a good place with good neighbors. One moron can ruin a small complex. One good thing about the bubble is a lot of smart people are renting, and a lot of morons found the bank actually wanted to loan them money.
Precicely. And the inverse of that may already be starting to happen. Brought this up before in a topic, but sayin’ it again: This downturn can affect whole neighborhoods, and we future homeowners ought to be very mindful that our bargain-hunting may backfire if we choose the wrong block/neighborhood (I’m especially mindful as a NYC resident). Reason #675 not to gloat
Hey BayQT,
I agree w/renter assessment. Also the well to do home owners can do things up here like erect a nice metal garage next to the road for their winebago blocking the lakefront view. To me its the rich man’s version of leaving the toys out in the yard.
Also it’s partly this sort of attitude that’s gotten us into this mess in the first place, this moral qualification of homeownership. People want to own because it’s perceived as being morally better as well as materially better, whereas you have these common conceptions of renters as being lazy, shiftless, unable to earn or save a sufficient quantity of moolah for the stuff that serves as a badge of middle-class acceptability. Well, we’ve seen plenty of greed and stupidity among the landed gentry during this boom, so maybe it would be wise to cool it on the broad generalizations. Think on this - two thirds of New York’s residents rent, and it’s one of the greatest cities in the world.
This story is a example of what I have been saying about flipper/investors creating a false demand . Now they are all in competition with each other for buyers that arent there . The flippers want high prices , they are all trying to sell at once ,and the buyers are scared . That’s why builders only release inventory in small groupings usually ,they get those people moved in , than they start on the next release.
Never mind buyers being scared, buyers don’t have money. Those properties weren’t bought with real money in the first place on real market value. In order for the real buyer to start buying the price has to get right.
The buyers will be to afraid to buy with a situation like this .
Im telling you back in the old days lenders would of prevented situations like flippers buying up a whole project. The old days are not as bad as people think .
I bought into a neighborhood in Houston in 1981 that ended up like that - many long difficult years followed - and all the buyers were young couples with a dog or a baby… hard to see this happening again.
Yep, Wizard, I remember you mentioned this before. And it was in response to a question I had about CC&R rules and regs regarding the percentage of owner occupants and renters in the subdivision.
Things have REALLY gotten out of hand in more ways than one. There are SO many players who are responsible for the problem at hand right now….and people who have known better than to let it happen.
BayQT~
Buyers are scared and unlike the old days many are unsure if they’re job will still be there in 3 years…or even next year.
The buyers are not scared, they are now sellers! All the flippers pressed prices up by moving in a herd as buyers, now they are moving as herd to be sellers. Problem is years worth of real buyers (occupants) have allready bought.
The flipers were the demand now they are the supply, with no real demand to come for years.
this just chaps my hide. we have all sorts of empty neighborhoods ALL over the place… but nobody is talking about the flipping flippers in my town!!!!
What town?
Sonoma
I think I am just going to start posting flipper stories and direct people to go look down specific town streets and see if they recognize a flip flopped neighborhood when they see one. Or do they think the whole neighborhood is just out of town together?
How many people want to pay the profit margin the flipper wants to tack on to the original builder price?
Or do they think the whole neighborhood is just out of town together?
lol
They are all at the disgruntled potential buyer’s convention.
bwahahaha!!! no… no… in our town… they are probably all at their real estate broker licensing classes!!!
I feel sorry for the poor idiots! :O
Instead, he’s renting it out for less than it’s worth, hoping happier days return.
____________________________________
For less than its worth - No! You are renting it for exaclty what its worth! You paid way more than what its worth!
Exactly.
Bears make money, Bulls make money….PIGS get slaughtered!
I have no sympathy for someone owning 4 houses on the speculation prices will continue up. Homes should never have become a commodity …now all those smug traders wil now start feeling the pain they justly deserve
this is the most disturbing flipper article yet. 16 out of 39 homes are for sale!
Soon to be 23 out of 39. The other 7 could not find any For Sale signs at the store.
LOL, Can you imagine what it will be like when all the flippers hold open houses at the same time ?If I was a buyer I would wonder if there was a toxic dump near the project .
LOL. Not a bad idea. I think I’ll find one of those HAZMAT spacesuits on e-bay and start showing up at open houses with a buzzing Geiger counter.
Yesterday’s shortage: Homes for sale.
Today’s shortage: Home For Sale signs.
I’m deep into the next bubble. I bought 5,000 “For Sale By Owner” signs after taking out a no doc, option arm. It’s a no brainer. No worries though, I’m sure I’ll be able to flip them in a month.
Just in: Top of the 3rd-
Bubble 3, Flippers 0
“No fire sale here”
Tell me that 6 months from now, jagoff!
Yesterday was a beautiful day here in New England and I decided to go on a ride through the back roads of New Hampshire. I couldn’t believe how many “for sale” and “open house” signs I saw in tiny lake towns. As I drove through Mount Vernon (population: 2000) I saw one street corner with 6 or 7 “for sale” signs. It’s going to get pretty ugly.
Hey NH renter: Do you think those homes for sale were primary residences or 2nd homes?
These were almost definitely “investment” properties. These back country towns are really beautiful (almost idyllic) places to live but are too far to commute to Boston or Manchester or other metropolitan areas.
Yep, I saw the exact same thing. Every other house was for sale. I was driving with friends and they had been in the market for a house, over my objections. By the end of the trip, they decided to hold off for a year.
Like the towns of Brunswick and Belfast ME, where the Brunswick Naval Air Station is closing and MBNA is moving it’s operation to NC after being bought out by BofA.
Thousands of jobs gone, with virtually no alternatives.
The bleeding continues.
Northern New England economy soon to be declared dead.
The old pulp mill up north in Berlin, NH is being closed down too. That’s 300 or so good paying jobs completely gone. It’s sad. These people aren’t going to find any other work there.
As I drove through Mount Vernon (population: 2000) I saw one street corner with 6 or 7 “for sale” signs. It’s going to get pretty ugly.
I thought that there was a shortage of housing and land. My, my, and all this time a false demand was created by all these flippers.
Housing only goes up, right?
I hope this flippers burn in hell!
Every flipper is supposed to buy 10 homes to create the mirage of the continuous booming market. Flippers, please don’t sell and keep buying. I can rent your $1M home for $1,000 a month to offset your carrying cost.
Yeah–they’re not making any more street corners, you know!
MiraBay is an ecological disaster. The developers came in and destroyed acres upon acres of natural habitat (wetlands) on Tampa Bay, and built outrageously overpriced condos and other unnecessary junk marketed explicitely at rich New Yorkers. This is a part of Hillsborough County populated mostly by wild animals and proverty-stricken migrant workers. The development is the most tasteless exhibition of wealth, and pseudo-wealth one could ever imagine.
My geologist friends were horrified at the geological treasures destroyed by this developer, but even more shocked by the archeological and zoological relics dug up, plowed under, and destroyed with indifference. As usual, Hillsborough County Commission approved the project, with no supervision.
Now, another similar project in the same area is being pushed, and, again, our elected officials are doing exactly what the developers want. Enviromentalists are trying to save the wetlands, but our politicians do what they’re told (or paid) to do by developers.
I have no answer to any of this. Speaking out does nothing; attending county commision and city council meetings does nothing. These deals are already done before the public is informed.
I think the developers of MiraBay should be prosecuted for environmental destruction and mass cruelty to animals, but, of course, such things mean nothing to Hillsborough county and Tampa politicians.
Do you think Rhonda Storms cares? She is more concerned with Joe Redner and shutting down some strip club and pushing her conservitive religious agenda that her voters seem to care about. They also drive huge SUV’s and well.. you get the picture.
Rhonda Storms alias Anita Bryant, no really.
Except, she isn’t the one voting with the developers. Generally, she’s the only one voting against them.
She’s also the ONLY one who, generally, votes in favor of animal rights and protection. I know she hate strip joints, but I don’t know that she’s religious. That might be an assumption. Lots of feminists hate strip joints, too, and almost everyone hates Joe Redner.
Granted, she can be strident, but she’s extremely articulate compared to the other idiots in the group, and has a great grasp of English. And I like the fact she jumps on all the other politicians for never doing anything. She used to mortify Pat Frank, who was very polite in the face of it all.
Yes, she wanted to get rid of the gay book displays in the public library, but I’m gay I thought they were stupid, too.
Whatever happened to Anita Bryant? I know she later blamed her husband for her anti-gay campaign, but I haven’t heard a word about either in years and years. She must be ancient by now. It isn’t smart to piss of gays when one needs all the cosmetic assistance one can get.
Anita Bryant is dead.
My apologies. I thought AB had passed away. I posted that and it was removed. But I just googled her and found out she was on Will and Grace last year. Guess I had her confused w/someone else. My apologies!
Well, I think she had herself confused with someone with talent, so don’t feel bad. I guess she’s now poking fun at herself if she was on Will & Grace, so she musn’t be such a bad person after all.
Is it just me or is zip realty delaying it’s updates. I track the Essex Ma county and for the last 3 days there has been no change in the inventory listed for any town.
OT, has anyone else received this spam promoting the Dubai real estate bubble?
http://louminatti.blogspot.com/2006/04/dubai-housing-bubble.html
The more I read about Dubai, the more I think that it will make Las Vegas and Phoenix seem like peanuts.
SE Florida is becoming a nightmare for flippers now, at least recent buyers. I spoke to a friend last week who bought several places in 2005 and nothing is selling now, it is dead. I really think alot of people are starting to get scared from what he told me because expenses are also going up such as HOA fees, assesments , RE taxes and yes insurance, and hurricane season is just around the corner.
These real estate ’speculators’ are about to find out the difference between real estate speculating and stock market speculating. You can always put in a market order on a stock you own and get cash immediately at some price. With a house, in a glutted market with no buyers, you often can’t get a sale at any price. Ouch…SOOOOOOO glad I sold my place in 2004 and am now renting. (at about 40% the monthly cost of buying something similar)
I disagree, if priced right, you can sell a house in any market.
I disagree, if priced right, you can sell a house in any market.
Only if you bring cash to closing when you’re $100k underwater on your mortgage note…
Last blurb I read less than 18% of American family’s could lay their hands on $10k in cash at a moment’s notice.
“Last blurb I read less than 18% of American family’s could lay their hands on $10k in cash at a moment’s notice.” hd74man, can you get the link on that? I’d be interested to hear more. Thx
Sell a home in any market? Not exactly. During the 30’s the psychology shifted dramatically. Many wouldn’t even consider buying a house because the banks were foreclosing on so many and people lost so much value as prices plummeted. It was smarter to rent then.
I think we will see a replay of that starting very soon.
You make a good point. Real estate is inherently illiquid. That is hidden during the boom times but becomes painfully evident when the crash comes.
I have a feeling that a huge tsunami is rushing towards us, and most Americans are still standing on the beach saying, “wow! come here, honey. Look how far the tide went out!”
Anyone else feel that way?
It’s starting to scare me a little. Even we bubble watchers might get washed away.
Actually, the last time a hurricane hit Tampa (it was downgraded to a tropical storm), all the water got sucked out of Hillsborough Bay, and stupid people took folding chairs and lounges out into the Bay bed and sat and lounged, unaware that the emptying could have been a precursor to a tidal wave. Most people who move to Florida don’t have a clue.
Don’t be afraid semper fubar , just keep your wits about you . Everybody is feeling the stress, so your not alone .
“I have a feeling that a huge tsunami is rushing towards us, and most Americans are still standing on the beach saying, “wow! come here, honey. Look how far the tide went out!”
Yes, Semper. I feel that way too. I’m very scared…..mostly because I’m afraid of massive layoffs if the dollar is affected. I don’t know how to grow my own food or milk a cow but I’m thinking it might be time to learn.
I don’t know how to grow my own food or milk a cow but I’m thinking it might be time to learn.
What was the interesting thing about the last Depression. As families lost their jobs and homes many retreated to small operational farms owned by a family member. The city refugees then pitched in to milked the cows and hoe the gardens in order to eat and survive.
Those farms are all gone now with the lands sold off to builders for their McMansion projects.
It will be interesting as to what happens when all those trucks stop delivering the food as the result of a monetary crisis.
I think the av. supermarket holds about 3 days worth of inventory on their shelves.
http://finance.myway.com/ht/nw/bus/20060403/hlm_bus-pek195586.html
“Senior China official urges cut in US debt holding”
This was a new article on my Dell homepage(Reuters). This could be bad for bonds and send interest rates up if they follow through.
People try to fathom where the bottom of the downturn is………
Try this example.
http://www.oftwominds.com/blog.html
Footie, thanks for the link. It was pretty interestng.
http://tampa.craigslist.org/apa/146483607.html
Mira Bay
http://www.realtor.com/FindHome/HomeListing.asp?snum=357&locallnk=yes&frm=byzip&mnbed=0&mnbath=0&mnprice=0&mxprice=99999999&js=off&fid=so&stype=&mnsqft=&mls=xmls&areaid=33572&poe=realtor&zp=33572&sbint=&vtsort=&sorttype=&typ=1&typ=2&typ=4&x=21&y=6&sid=0667EAE29BC1C&pgnum=36&snumxlid=1056291285&lnksrc=00001
Mira Bay $3200 PI vs $1850 rental!
1900 sq. ft., built on a slab in hurricane country for $700k?
LMFAO…
Not only that, but it’s probably particle board or chip board with plastic siding. Probably cost less that 20K to build, including the land (with lots of poor animals killed or displaced in the process).
Hillsborough County is one of the WORST places in American to live, but is promoted as one of the best. The only thing that counts here is whether one has money or not, and it doesn’t matter HOW the money is made. If you’re a successful abortionist, or own a prosperous slaughter house/meat packing plant, or if you’re a successful used car huckster, you can zoom to the heights of society in Hillsborough County. Slum lords and former slum lords are among our most illustrious citizens.
Hillsborough County also has one of the highest illiteracy rates in the U.S., one of the highest V.D. rates in the world, and some of the worst air quality ever recorded outside of a third world country, but builders act as if it were Orange County, and advertise it as a paradise, complete with photographs of out-of-state beaches.
I’m going to wholeheartedly agree with your comments about housing stock quality and animal displacement, but not with the remainder of the post, especially the concluding paragraph.
This is not a bad place to live, but over-development and poorly-thought-through development, spurred by the housing bubble, is causing deterioration every day.
I would be interested to know how many people used their home equity to buy a frenchise or start a small business.
Probably not many based on the number of granite countertops and BMWs in this country.
I think granite countertops are going to become the symbol of this housing bubble, much like how that stupid pets.com sock puppet dog became the symbol of the dot.com bubble.
Yeah NH renter, I hope that’s true. Too many people locally acting like they were the cats meow over counter tops! and anyone w/o granite was something the cat dragged in. Materialism has gotten so out of control…what we were raised to think was boorish behavior has become the “cool clique queen bee” behavior- totally acceptable and encouraged….like overaged 7th graders. Can’t wait till its over and everyday common sense (and with it hopefully polite behavior) makes a comeback!
Every time I read an article about the real estate market, I always look for the mention of the granite countertops. I nominate it as the symbol of the housing bubble.
I did. I sold my house, moved to a new area, and used some of the sale proceeds as seed money for my business.
No regrets.
is condo flip running?
once everyone agrees -then the opposite happens
http://post.polls.yahoo.com/quiz/quizresults.php
“”God’s not making any more waterfront. I feel we can wait it out,” he said. “No fire sale here.” said Lilly
Less than 2 months until Hurricane season. The mad rush to the exits has begun as I predicted. All that is left now is the start of the massive resets in June.
BTW… what happened to the Spring season push in prices? Weren’t prices supposed to take back off once the Spring started?
What msot people who use the “God’s not making anymore land” argument dont know is that a) most of the US is open land, and b) the housing bubble is GLOBAL. If it’s a global boom, it’s not becouse of a land shortage- unless you want to say there’s no more land on the whole planet!
BubbleTrack.blogspot.com
So the housing bubble is a bubble after all …
http://finance.yahoo.com/columnist/article/richricher/3413?p=1
Excellent article.
A must read.
It’s a good article until he gets so smug, arrogant, and condescending. I’m a renter waiting out the housing bubble too but you don’t see me raving about my genius. Be a gracious winner and don’t kick people when they are down.
I feel the same way you do. It’s tempting to be a little smug in front of the people who told me I was an idiot and a jealous hater for renting. My concern now is how to best position myself for the upcoming storm.
I’m perplexed by the number of posts that cite the coming hurricane season as a rationale for falling prices in Florida. While it may offer a satisfying biblical style of divince retribution, weather events will have very little impact on real estate prices. What effect did Katrina have on New Orleans real estate? If you still have a house it’s worth than ever.
Err…Uhhh…
A house is not “worth more than ever”.
A house is worth “what people are willing to pay for it”
And now that the gleeful, greedy days of easily flipping houses for profit have evaporated, we shall see just what a sensible person is willing to pay for a place to live.
I look for a quick 30% shakedown in housing prices over the next 18 months; especially in Central and South Florida.
DougO, I would qualify by saying houses in Katrina zone were undervalued by most standards ,and stricktly homes that people who lived ,and worked in….Now there are less ,and thus the increase. Fla. is mostly from my experience an investment or vacation home.( and certainly bubblized )…While prices may not have fallen “yet” there sure is a whole lotta’ people rushing the exits…….
But if you don’t have a house still standing,what is it worth? 0.
Another round of hurricanes hitting the gulf coast means another round of insurance increases like ones reported today in the Sun-Sentinal 4 more insurers seek hefty rate hikes to cover homes and condos
It also means more adjustments to utility bills to pay for clean-up and reapirs to already battered systems.
Also, how many times can the area be hit before people start to realize that Florida isn’t the paradise that the realtors claim it is.
Re Hurricanes depressing house prices: I know many snowbirds who are fed up with dealing with Fl. hurricanes year after year. They are from out of state, older and worried about their investment. They don’t like being scared into putting the wooden plywood up every couple of weeks and don’t want to have to pay increasingly high insurance rates. They have decided to sell and just rent in FL if they want to over winter there.
Why are the bubble stocks zigzagging so violently this morning? Are the hedgies losing their ability to game the prices? Some day, even if not yet today, fundamentals will carry the day, market participants will wake up from their drunken orgy of speculation, bond yields will drop, and the stock market will crash.
http://tinyurl.com/o7skt
I noticed that erratic action in my HOV short today. Very unusual that they would give me a bunch of chances, and an entire 15-minute period, just ended, to short it within a couple of cents of the day’s high — and not get whipsawed.
Usually plateauing at one of the extremes means a stock will eventually continue in the direction of the day’s trend but HOV just turned back down. And there are no imminent surveys / statistics or earnings reports as far as I can tell.
Sure would be nice if the next surprise for HB stock players would be an unusually honest analyst not waiting to parrot the month-away quarterly reports in late April but instead taking the initiative to check out inventory numbers &c to downgrade the whole sector, and that today’s action means he’s making the rounds with his first draft within his company. Ah one can dream.
”God’s not making any more waterfront. I feel we can wait it out,”
The last thing I want is to live in a 200-mile vicinity of water in Florida. No thanks, dry West is my kind of place.
I’m not a big fan of Kiyosaki in general but I love this paragraph.
“Insiders sell to outsiders. The greater fools are now streaming into the trap. The last fools are the ones who stood on the sidelines for years, watching the prices go up, terrified of jumping in. Finally, the euphoria and stories of friends and neighbors making a killing in the market gets to them. The latecomers, skeptics, amateurs, and the timid are finally overcome by greed and rush into the trap.”
Here’s what he really meant to say:
“The latecomers, skeptics, amateurs, and the timid are finally overcome by greed BECAUSE OF MY CRAPPY BOOKS and rush into the trap.”